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VOL. 44 | NO. 7 | Friday, February 14, 2020

Pier 1 files for bankruptcy protection amid online challenge

The Associated Press

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Home goods retailer Pier 1 Imports Inc. said Monday that it has filed for bankruptcy protection.

The Fort Worth, Texas-based company, which was founded in 1962, has been struggling with increased competition from online retailers such as Wayfair. Pier 1 said it will pursue a sale, with a March 23 deadline to submit bids.

In the meantime, Pier 1 said lenders have committed approximately $256 million in debtor-in-possession financing so it can continue its operations during the Chapter 11 proceedings.

Pier 1's sales fell 13% to $358 million in its most recent quarter, which ended Nov. 30. It reported a net loss of $59 million for the quarter as it struggled to draw customers to its stores.

Last month, Pier 1 announced it would close 450 stores, including all of its stores in Canada. The company is also closing two distribution centers.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0